WOM Wars! Yield Boosters Battle for Supremacy on Wombat Exchange
Three yield-boosting protocols are battling for control of Wombat Exchange governance token veWOM. Who do you have your money on: Magpie, Quoll or Wombex?
Protocols Seek Control of veWOM
Let the WOM Wars begin! Two months after Wombat Exchange launched on BNB Chain, three yield-boosting protocols have emerged to fight for controlling shares of the governance token veWOM.
Who will emerge victorious: Magpie Finance, Quoll Finance or Wombex Finance?
By securing the most veWOM, the protocols can use their voting power to ensure that their liquidity pools offer the highest $WOM rewards on Wombat Exchange.
Wombat Exchange welcomed the competition, while recently celebrating the fact that 30 million WOM tokens have been locked up, more than half of the circulating supply.
On Nov. 4, Wombat Exchange plans to launch a mWOM pool with Magpie, where users can earn MGP tokens as rewards.
But some lucky Wombat Exchange users don’t need to wait for pool rewards, as Magpie is hosting a $MGP airdrop for users who provided LP in Magpie, hold WOM, hold veWOM, etc.
Check the tweets below for a list of winners:
The newest combatant, Quoll, just ended its IDO. The protocol’s mainnet launch is set for Nov. 3.
Not to be outdone, Wombex is prepared for what it expects to be an epic struggle.
To keep up with the relative voting power among Magpie, Quoll and Wombex, Twitter user @coinbender_lfg has built a Dune dashboard showing the share of veWOM controlled by an entity, as well as other metrics.
For what it’s worth, at the time of publication, Wombex held 45%, Magpie 27% and “others” 28%.
Shortly after its launch on Sept. 5, the Total Value Locked (TVL) on Wombat Exchange soared to a high of $217 million. Afterward, the TVL dipped, leveled off, and began to rise again after the DEX unveiled new features and products. The protocol’s current TVL is $185 million, putting it at sixth place among Decentralized Finance (DeFi) protocols on BNB Chain, according to DefiLlama.
In terms of TVL, Wombat Exchange is the third-ranked Decentralized Exchange (DEX), after PancakeSwap and BiSwap.
What Is Wombat Exchange:
Wombat Exchange is a multi-chain stableswap focused on fueling DeFi growth and promoting its product’s scalability, accessibility, and efficiency in the multi-chain space. The protocol allows users to swap stablecoins at minimal slippage and stake at maximum yield.
For more information about Wombat Exchange, visit the following media links:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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